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Acc 561 Final – Only 16 Questions

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to determine the amount and/or percentage increase or decrease that has taken place. that has been arranged from the highest number to the lowest number. that has been arranged from the lowest number to the highest number. to determine which items are in error. In a process cost system, product costs are summarized: when the products are sold. on job cost sheets. on production cost reports. after each unit is produced. An activity that has a direct cause-effect relationship with the resources consumed is a(n) overhead rate. cost driver. product activity. cost pool. Activity-based costing allocates overhead directly to products and services based on activity levels. assigns activity cost pools to products and services, then allocates overhead back to the activity cost pools. allocates overhead to multiple activity cost pools, and it then assigns the activity cost pools to products and services by means of cost drivers. accumulates overhead in one cost pool, then assigns the overhead to products and services by means of a cost driver. Fixed costs are $600,000 and the contribution margin per unit is $150. What is the break-even point? $4,000,000 4,000 units 1,500 units $1,500,000 When a company assigns the costs of direct materials, direct labor, and both variable and fixed manufacturing overhead to products, that company is using product costing. operations costing. absorption costing. variable costing. If a division manager’s compensation is based upon the division’s net income, the manager may decide to meet the net income targets by increasing production when using variable costing, in order to increase net income. variable costing, in order to decrease net income. absorption costing, in order to increase net income. absorption costing, in order to decrease net income. An unrealistic budget is more likely to result when it has been developed in a bottom up fashion. has been developed in a top down fashion. is developed with performance appraisal usages in mind. has been developed by all levels of management. A major element in budgetary control is approval of the budget by the stockholders. the comparison of actual results with planned objectives. the valuation of inventories. the preparation of long-term plans. The purpose of the sales budget report is to control selling expenses. control sales commissions. determine whether income objectives are being met. determine whether sales goals are being met. The accumulation of accounting data on the basis of the individual manager who has the authority to make day-to-day decisions about activities in an area is called responsibility accounting. flexible accounting. static reporting. master budgeting. Variance reports are (a) external financial reports. (b) SEC financial reports. (c) internal reports for management. (d) all of these. Internal reports that review the actual impact of decisions are prepared by the controller. department heads. management accountants. factory workers. The process of evaluating financial data that change under alternative courses of action is called contribution margin analysis. cost-benefit analysis. incremental analysis. double entry analysis. Seasons Manufacturing manufactures a product with a unit variable cost of $100 and a unit sales price of $176. Fixed manufacturing costs were $480,000 when 10,000 units were produced and sold. The company has a one-time opportunity to sell an additional 1,000 units at $140 each in a foreign market which would not affect its present sales. If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows: Income would increase by $40,000. Income would increase by $140,000. Income would decrease by $8,000. Income would increase by $8,000. Carter, Inc. can make 100 units of a necessary component part with the following costs:Direct Materials$120,000Direct Labor20,000Variable Overhead60,000Fixed Overhead40,000If Carter can purchase the component externally for $220,000 and only $10,000 of the fixed costs can be avoided, what is the correct make-or-buy decision? Buy and save $10,000 Make and save $10,000 Make and save $30,000 Buy and save $30,000Purchase the answer to view it
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